Banking Bill

If that minor change is all that is needed, perhaps the Chancellor could explain to the British people how on earth we have come to this pass. The FSA has been responsible for the authorising of individual practitioners in the banking business and allowed the ramping up of capital ratios, so that we have reached this dreadful state of affairs. Has the Chancellor got no explanation of how that happened under the regulation of the FSA, and no alternative approach to doing something about it apart from this minor tinkering?